Small Satellite Market to Reach US$ 30 Billion by 2026

Published On : Feb 27, 2019

The Global Small Satellite Market is expected to reach US$ 30 billion by 2026, registering a CAGR of 26.8% during the forecast period 2018-2026, according to Small Satellite Market Report, by Satellite Size (Minisatellite, Microsatellite, Nanosatellite, Picosatellite, and Femtosatellite), by Application Type (Earth Observation, Telecommunication, Scientific Research, Technology Demonstration), by End User (Civil, Defense, Commercial, and Government) and by Region (North America, Europe, Asia Pacific, and LAMEA), published by Coherent Market Insights.

Small satellite is primarily tasked to offer high-quality earth observatory images for waste land or natural resources management and real-time data during disaster management, these satellites also provide high-speed internet connectivity and high-quality voice transmission for phone calls, real-time data regarding pollution, and navigation services.

Major restraining factor for small satellite market are Technical challenges associated with small satellites are lack of sufficient power storage or room for propulsion system.

Significant growth in the communication and telecom sector is expected to increase demand for small satellites during the forecast period

Satellite communication technology offers data, voice, and video services in remote locations. It helps to track and monitor vehicles and vessels to offer efficient logistics support.  Provide internet facility and calling connectivity for business to set up in rural and backward area across the globe. According to Coherent Market Insights’ analysis, around 6200 satellite are expected to be launched by 2027, of which around 50% are expected to belong to the telecom industry.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/small-satellite-market-2512

Key Trends and Analysis of the Global Small Satellite Market:

The growth of small satellite market is attributed to increasing adoption of small satellites for earth observatory and defense applications. Small satellites are used by government organizations in earth observatory for several applications such weather forecasting and agriculture or wasteland and natural resources management. Small satellites also can be used to monitor natural calamities and affected areas. Small satellites are used in the defense sector to monitor international borders and activities during warfare situations. Satellite phones also offer communication in remote areas.

Use of small satellites for earth observatory is also one of the contributing factors for the small satellite market growth. According to Coherent Market Insights’ analysis, around 1,980 operational satellites were in space till April 2018, and 684 of these were tasked to offer services for earth observation. Earth observation satellites are mainly used for optical imaging, radar imaging, infrared imaging, and multispectral imaging.

Key Takeaways of the Market:

According to Coherent Market Insights’ analysis, Asia Pacific and Latin America is expected to witness significant growth in the small satellite market, owing to increasing government and private investments for development of small satellites. For instance, the U.S. Government Department of Defense and the National Aeronautics and Space Administration announced investment of US$ 110 million for development of small satellites.

Among satellite size, the nano satellite segment is expected to witness a major growth over the forecast period. Nano and microsatellite finds application in the civil and defense sector and can also be used for earth observation and reconnaissance mission.

Major players operating in the global small satellite market include, Airbus S.A.S, Boeing, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, SpaceX, Space Systems/Loral, LLC, Mitsubishi Electric Corporation, Ball Corporation, and Indian Space Research Organization (ISRO).

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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